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Field work at Copper creek tenement. Source: Red Fox Resources
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  • Chase Mining (CML) begins the week in a trading halt pending an announcement regarding a capital raising and acquisition opportunities
  • The company will remain in the halt until October 27 or when announcements regarding the capital raising and acquisition are made, whichever occurs first
  • Chase has also released its quarterly report for the period ending September 30, 2021
  • The company burnt through $121,000, invested $59,000 in exploration and evaluation, and ended the quarter with $1.11 million in total available funding
  • Shares in Chase last traded at 1.8 cents on October 22

Chase Mining (CML) has begun the week in a trading halt pending an announcement regarding a capital raising and acquisition opportunities.

The company will remain in the halt until October 27 or when announcements regarding the capital raising and acquisition are made, whichever occurs first.

Chase is yet to disclose how much it intends to raise and what or who it will be acquiring.

The company has also released its quarterly report today for the period ending September 30, 2021.

Chase announced it plans to revisit the potential development of its Torrington project to co-produce tungsten and topaz.

Discussions are continuing to assess how to best finance future topaz research to progress proof-of-concept outcomes.

After investing $600,000 to become a 40 per cent shareholder in Queensland-focused Red Fox in November 2020, Chase has begun fieldwork.

Based on the outcome of a thorough evaluation process and data review, no drilling is presently planned for the Alotta and Lorraine projects.

Additionally, Chase is in the advanced stages of reviewing assets that will complement its existing projects.

Chase burnt through $121,000 for the period with the majority going towards administration and corporate costs. The company also invested $59,000 in exploration and evaluation.

As of September 30, Chase had $1.11 million in total available funding, representing 6.2 quarters of use if spending levels remain the same.

Shares in Chase last traded at 1.8 cents on October 22. The company has a $6.66 million market cap.

CML by the numbers
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